Cointrieve has pioneered the crypto compliances over the past few months, with the launch of Cointrieve AML system, the world’s fastest Bitcoin transaction screening tool. It eliminated the complexities of blockchain analytics by providing compliance professionals with a single, actionable risk score. Since then we have expanded our offering, providing a comprehensive suite of crypto compliance solutions with the broadest coverage of cryptoassets and blockchains available on the market.
But the way in which cryptoassets are used has shifted dramatically in recent years. Individual cryptoassets and blockchains are no longer isolated systems, but have become part of the larger, interconnected crypto-economy. This has been accelerated by new technologies such as decentralized exchanges and cross-chain bridges, which have removed many of the barriers between assets, allowing the free flow of capital and making crypto more useful and valuable.
As well as a force for good, this interconnectivity is being exploited for criminal purposes. As revealed in new Cointrieve quart-annual reports, hundreds of millions of dollars in cryptoassets from ransomware and North Korean cyber activity are being moved through cross-chain bridges. Decentralized exchanges are being exploited to evade the seizure of billions of dollars in stolen assets, and “coinswap” services in Russia and elsewhere are being used for money laundering and sanctions evasion.
In order to combat this “cross-chain crime”, Cointrieve has developed the next generation of blockchain analytics – known as Holistic Screening – which allows cryptoassets to be traced across and between all blockchains and assets concurrently. This is achieved automatically and in milliseconds through our APIs, allowing businesses to screen customer activity at scale, and drive efficient and effective compliance.
Holistic Screening is powered by Nexus, the new blockchain analytics engine. Nexus has been developed over the past five years, specifically to solve the problem of how to automatically and rapidly trace cryptoasset flows across and between all assets and blockchains. First-generation blockchain analytics treats each cryptoasset and blockchain as a separate silo – even though they are all part of the same financial system and proceeds of crime are moving freely between them. Time-consuming manual investigations have been necessary to bridge the resulting capability gaps.
Nexus takes our industry-leading data for each cryptoasset and blockchain, and merges them into a single financial network, representing the entire cryptoasset ecosystem. This provides a unified view of value flows across all major blockchains and cryptoassets – consisting of hundreds of billions of datapoints collected over the past decade.
Contrieve’s solutions now enable cross-chain compliance at several scales. Holistic Screening eliminates the need for manual cross-chain investigations, instead providing actionable risk scores at the click of a button.